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Stripe Raises Fresh $600M, Valued At $95B

Hot payments startup Stripe has closed a big new round of funding, announcing that it's raised a $600 million Series H round that values it at a whopping $95 billion, whereby such valuation makes Stripe now the most valuable private technology company in the US. Stripe's new round came from a mix of existing and new investors including Ireland’s National Treasury Management Agency (NTMA), Allianz X, Axa, Baillie Gifford, Fidelity, and Sequoia Capital.  With the new round, Stripe says that it'll bolster its European operations, particularly in Ireland where the company's two sibling founders, Patrick and John Collison, hail from. It's then no surprise that  Ireland’s National Treasury Management Agency  which's an investment fund of the Irish government chipped into Stripe's new funding round. Europe is a major market for Stripe, with 31 out of the 42 countries that the company is currently present in being from the continent. Over there, Stripe powers onlin

American Drone Maker Skydio Raises $170M, Valued At $1B+

Skydio, an American startup that makes autonomous drones, has closed a new funding round of $170 million that values it above $1 billion. The round was led by the famous venture capital firm Andreessen Horowitz, with participation from existing backers Next47, IVP, and Linse Capital, plus a new investor UP.Partners. Andreessen Horowitz led the new Series D round for Skydio from its Growth Fund, and with it, Skydio has now raised a total of over $340 million in external funding and then with a $1 billion+ valuation that makes it the highest-valued drone startup in the US. It seems that Skydio has drawn wide investor attraction after the US government placed China's DJI on a blacklist last year. DJI made its mark as the biggest drone maker globally and the largest in the US market but got placed on a government Entity List last year that barred American companies from supplying it with components. The blacklist was instituted by the former Trump administration due to alleged ties to

A New Saudi "Unicorn" Emerges

"Unicorn" is a common term that usually refers to private technology companies valued at $1 billion or more. Such companies are fairly common in countries like the US, China, India, and several from Europe whereas in the rest of the world, it's rare to find such companies. Sometimes, they occasionally emerge from unexpected places, like one has now done from Saudi Arabia. The American financial services company Western Union has announced that it's sealed an agreement to invest up to $200 million for a stake of up to 15% in the Saudi Digital Payments Company, or STC Pay as it's known. A $200 million investment for a 15% stake implies a valuation of about $1.3 billion for STC Pay, making it a rare Saudi 'unicorn'. Even as a rare Saudi Arabian 'unicorn', STC Pay isn't a typical startup success story, given it's a division of the state-controlled Saudi Telecom Company. It was formed and incubated under Saudi Telecom and has grown to have over

Chainalysis Set For $100M Round

Chainalysis, a provider of blockchain transaction analysis software, has said that it's set to raise a $100 million round of funding that'll value it at $1 billion. The New York-based company, which has already raised some $67 million in outside funding, gave out info on its new funding to Forbes . The new round being raised by Chainalysis is led by Addition, a newly launched investment firm from Lee Fixel, who is an experienced investor that made several super-successful bets at his former role at the investment firm Tiger Global. Other existing Chainalysis backers such as Accel, Ribbit Capital, and Benchmark are also expected to join in the new round. Before now, Chainalysis' last-known funding round was a $49 million Series B that closed this July. That round opened in February last year and stretched till July this year, with investments from firms including Accel, Benchmark, Sozo Ventures, Ribbit Capital, and Ashton Kutcher's Sound Ventures. Now, a new $100 millio

Forter Scores $125M At $1.3B Value

Forter, a New York-based startup that provides fraud detection tools for e-commerce companies, has announced that it's raised $125 million in Series E funding that gives it a valuation of $1.3 billion. The new round was led by venture capital firm Bessemer Venture Partners. With the new round, Forter has now raised a total of over $200 million in funding. The company says it'll use the new funding to expand its business. Forter is a platform that's deployed between the user payment flow and the payment processor of an e-commerce website to vet transactions for potential fraud and flag them if spotted. The platform is powered by machine learning and behavioral analytics tools to track customer interactions and look out for suspicious activity. To facilitate its fraud detection service, Forter has secured partnerships with payment providers like Mastercard and Worldpay and e-commerce software providers like Shopify, Adobe/Magento, and Salesforce. As to customers, the company

Duolingo Nabs $35M At $2.4B Value

Corroborating a recent report of Duolingo, the language learning app, authorizing the sale of up to $35 million in new shares, the company has now announced that it's raised $35 million in new funding that places its valuation at $2.4 billion. The funding came from just two investors being Durable Capital Partners and General Atlantic. With the new funding, Duolingo has now raised a total of $183 million in equity financing. The company says it'll use its new capital to grow its team and fuel continued investment in R&D for digital language learning tools. Since its launch in 2011, Duolingo has soared high and seen more than 500 million total app downloads across several platforms. The company says it's recorded annual revenue increases of over 100% for the past three years. Duolingo operates on a freemium model, whereby basic access to its app is free while it charges money for premium features. Even in the basic tier, Duolingo makes money from advertisements.  Durabl

Klaviyo Scores $200M Series C

  Klaviyo CEO and Co-Founder Andrew Bialecki. Photo credit: Klaviyo Klaviyo, a Boston-based marketing automation company, has raised $200 million in Series C funding led by venture capital firm Accel and with participation from private equity firm Summit Partners which had previously invested in Klaviyo and has now put money again into the company. The $200 million round brings the total amount of funding raised by Klaviyo to nearly $360 million and places its valuation at a weighty $4.15 billion. Klaviyo is a platform that makes it easy to store, access, analyze and use transactional and behavioral data for marketing purposes. The company claims that it's helped generate over $11 billion in sales for its customers so far. Klaviyo as a company is based out of the city of Boston in Massachusetts. It was founded in 2012 and bootstrapped for three years before raising its first $8.5 million Series A round in 2015 and followed by a $150 million Series B round led by private equity firm

Cato Networks Nabs $130M Round

  Cato Networks, an Israeli cybersecurity startup, has raised a single funding round of $130 million that places its valuation at above $1 billion. The round was led by venture capital firm Lightspeed Venture Partners, with participation from the likes of Coatue, Greylock, Acrew Capital, and Singtel Innov8. With the new round, Cato Networks has now raised over $330 million in total funding. The company's most recent funding round before now came just seven months ago when it raised $77 million led by Lightspeed Venture Partners, the same firm that's now come back to lead a fresh $130 million round for Cato. Cato is a company based out of Tel Aviv, Israel. It was founded by Shlomo Kramer, a renowned cybersecurity entrepreneur who previously co-founded Check Point Software, a publicly-traded cybersecurity company, and Imperva, another cybersecurity company that was publicly-traded before getting acquired in a $2.1 billion deal by private equity firm Thoma Bravo. Apparently, Krame

DataRobot Eyes $300M Round

  DataRobot, the machine learning startup, is in talks with investors to raise a fresh round of roughly $300 million that will place its valuation at over $2.5 billion, according to a report [paywalled] from Bloomberg which cites "people familiar with the matter". According to Bloomberg , investors in talks to provide the new funding include Altimeter Capital, Silver Lake, and T. Rowe Price. Already, DataRobot has raised over $430 million in outside funding, its last-known round being a $206 million Series E in September last year that placed its valuation at $1.3 billion. That round came from investors including Sapphire Ventures, Intel Capital, DFJ Growth, and Tiger Global. A new round of funding for DataRobot, and more so a $300 million round, will cement its status as one of the most capitalized machine learning companies globally. DataRobot is a platform that lets enterprises build and deploy machine learning models with ease. The company is patronized by a variety of

Getaround Nabs $25M Debt Round

    Sam Zaid, Co-Founder and CEO, Getaround.  Photo credit:  TechCrunch ,  licensed under  CC BY 2.0 Just on the heels of closing a $140 million Series E fundraise in October, peer-to-peer car rentals company Getaround has announced that it's raised a top-up of $25 million in debt financing from Horizon, which is a publicly-traded finance company that specializes in providing loans for venture-backed companies. The debt round together with the recent Series E will go towards expanding Getaround's business. Getaround has notably seen a turnaround after the earlier months of the coronavirus pandemic plunged down its business reportedly to the brink of bankruptcy. Before then, the company had raised about $400 million in outside funding, the majority of that from a $300 million Series D round led by SoftBank in August 2018.  In the earlier months of the pandemic, Getaround had two rounds of lay-offs, affecting 150 employees in January and a further 100 in March. The company'

Duolingo Seeks $35M Round

  Duolingo CEO Luis von Ahn. Photo credit:  poptech ,  licensed under  CC BY-SA 2.0 Duolingo, the popular language learning site, has authorized a sale of up to $35 million in new shares that'll place its valuation at $2.21 billion if all the shares are sold, as indicated by paperwork first unearthed by the Prime Unicorn Index . For a company the size of Duolingo, the round seems small but is on par with previous funding rounds from the company.  Throughout its history, Duolingo has raised nearly $150 million in outside funding split into small rounds of as low as $10 million to as high as $45 million. The company has not been known for raising splashy single rounds like many others of its kind. Before now, Duolingo's last-known funding round was quiet $10 million raise that came in April this year. The most recent before that was a $30 million round in December 2019 that placed its valuation at $1.5 billion.  Duolingo is one rare billion-dollar technology company that's ba

C3.ai Files To Go Public

  Tom Siebel, Founder and CEO, C3.ai. Photo credit: C3.ai C3.ai, an AI software company founded by former Oracle executive Tom Siebel, has submitted a filing to go public with the U.S. Securities and Exchanges Commission. The company is looking to go public 11 years after its founding and with over $200 million in private funding raised along the way. Before now, C3's most recent private round placed its valuation at $3.3 billion. C3.ai's S-1 filing shows $156.7 million in revenue in the fiscal year leading up to April 2020, compared to $91.6 million in the previous year. Within the same periods, C3 posted respective losses of $69 million and $33 million.  C3.ai makes money with a suite of artificial intelligence software that's used by enterprises for a broad range of activities such as fraud detection, energy management, inventory management, and management of IoT devices. The company operates majorly on a subscription basis that pulls in most of its revenue ($135.4 mil

Udemy Seeks $100M Round

  Eren Bali, Co-Founder, Udemy. Photo credit:  TechCrunch ,  licensed under  CC BY 2.0 Online education platform Udemy is seeking to raise up to $100 million in new funding at a valuation approaching $3.3 billion, as indicated by a new filing from the company that was first unearthed by the  Prime Unicorn Index . Filings indicate that Udemy has authorized the issuance of new shares amounting to $100 million if they're all sold and at a share price that'll place the company's valuation at $3.3 billion. It's unclear if Udemy has closed the sale of new shares and if it raised up to the amount it sought. Before now, the company was backed by over $220 million in outside funding including a most recent $50 million round that closed in February this year and placed its valuation at $2.1 billion. Udemy is backed by some notable names including Stripes, Insight Partners, Norwest Venture Partners, and Prosus & Naspers. The online education company has likely seen a surge in

Better.com Scores $200M Series D

  Better.com, a popular mortgage financing startup, has raised $200 million in Series D funding led by private equity firm L Catterton, with participation from American Express Ventures, Ally Financial, Activant Capital, 9Yards Capital, and the Ping An Global Voyager Fund. The investment brings the total amount of outside funding that Better.com has raised to $410 million and is said to place the company's valuation at $4 billion. Impressively, Better.com was founded only four years ago and has grown to a $4 billion valuation in that relatively short time. The company has benefitted greatly from a surge in mortgage activity in the US amid the coronavirus pandemic, stating that it's grown its funded loan volume over 4x over the past year.  Better.com is a mortgage lender that conducts its lending process majorly online. To date, the company has funded $25 billion in home loans and provided over $7 billion in home insurance. Better.com was founded by Vishal Garg, an entrepreneur

Hopin Scores $125M Round

  Johnny Boufarhat, Founder and CEO, Hopin. Photo credit: Hopin Hopin, a London-based startup that builds software for hosting online events, has raised $125 million in Series B funding that boosts the total amount of funding it's raised this year to over $170 million. The new funding was led by existing investor IVP and new investor Tiger Global, with participation from the likes of Coatue, DFJ Growth, Accel, Northzone, Salesforce Ventures, and Seedcamp.  The new funding places Hopin's valuation at $2.1 billion, a remarkable valuation given the company was founded just in 2019. Hopin has benefitted greatly amid a coronavirus pandemic that widely boosted the need and demand for online events.  Hopin is an all-in-one live virtual events platform where attendees can learn, interact, and connect remotely from across the globe. The company, although headquartered in the UK, maintains a remote-first workforce that's spread across 38 countries.  Since its launch last year, Hopin

Nuro Closes $500M Round

  Nuro's R2. Photo credit: Nuro Autonomous delivery company Nuro has announced that it's secured $500 million in Series C funding led by asset management firm T. Rowe Price, with participation from Fidelity, Baillie Gifford, and existing backers SoftBank and Greylock. The new round follows a $940 million Series B that Nuro closed in February last year. Between the time Nuro last raised funding and up until now, the company secured the first and only federal exemption from the U.S. Department of Transportation for its R2 autonomous delivery vehicle and expanded its delivery partnerships with major retailers such as Domino's, CVS, Kroger, and Walmart. The company has begun operating its autonomous vehicles on public roads in the states of California, Texas, and Arizona, running deliveries for retailers. Nuro began making public deliveries in 2018 and has expanded its footprint since then. The company has a custom electric self-driving delivery vehicle named the R2  that tran

Tiger Global Eyes Scale AI Bet

  Alexandr Wang, Founder and CEO, Scale AI. Photo credit: Scale AI Investment firm Tiger Global has offered to invest in Scale AI, a startup that helps companies train artificial intelligence systems to recognize objects and analyze documents, at a valuation of $3.2 billion post-money, according to a report [paywalled] from The Information . A $3.2 billion valuation for Scale is more than triple its last valuation of $1 billion when it raised $100 million from a group of investors in August last year. Scale AI was founded only four years ago and has raised over $120 million in funding from investors including notable names like Founders Fund, Coatue Management, and Instagram co-founders Kevin Systrom and Mike Krieger. The company is notably led by a 23-year-old CEO, Alexandr Wang, a rarity given his age. Wang founded the company in 2016 after pausing undergraduate studies at the famed Massachusetts Institute of Technology (MIT). Scale AI builds software to annotate images for training

Graphcore Nears $200M Round

  Nigel Toon, Co-founder and CEO of Graphcore. Photo credit:  TechCrunch ,  licensed under  CC BY 2.0 Graphcore, a UK-based AI chip startup, is on the cusp of raising about $200 million in new funding that'll place its valuation at over $2 billion, according to a report [paywalled] from Bloomberg . It seems that Graphcore is riding a surging market for computing chips that's driven by the increasing need for data center services as cloud adoption grows high. More so, Graphcore focuses on designing artificial intelligence chips, a nascent market that's poised for heavy growth . Already, Graphcore is well-funded with nearly half-a-billion dollars raised since its inception. The company's last funding round was a $150 million infusion in February this year that placed its valuation at $1.95 billion. Graphcore's backers include well-known names such as Baillie Gifford, Atomico, Dell Technologies Capital, Microsoft, and automaker BMW. Graphcore develops chips for artifi

Pony.ai Scores $267M Round

  James Peng, Co-founder & CEO, Pony.ai. Photo credit:  RISEConf ,  licensed under  CC BY 2.0 Pony.ai, a Chinese autonomous driving startup, has announced that it's raised $267 million in new funding that places its post-money valuation at over $5.3 billion. The new funding was led by Canada's Ontario Teachers’ Pension Plan Board, with participation from existing backers Fidelity, 5Y Capital, Eight Roads, and Clearvue Partners. With the new round, Pony.ai has now raised a total of over $1 billion since its founding four years ago. A $5.3 billion valuation for Pony.ai cements its status as one of the most valuable autonomous driving companies globally. Before now, the company's last funding round placed its valuation at around $3 billion. With $267 million added to its coffers, Pony has more capital to deploy to its autonomous driving operations. The company develops autonomous driving technology that's deployed on ready-made vehicles, just like many of its counterpa

ByteDance Eyes New Funding

  ByteDance, the Chinese tech conglomerate that owns the popular TikTok app, is in talks to raise $2 billion in new funding from investors before it seeks to list some of its businesses in Hong Kong, according to a report [paywalled] by Bloomberg . According to Bloomberg , ByteDance is in talks with a group of investors including American venture capital firm Sequoia Capital to raise new funding that could place its valuation at $180 billion. Before now, Sequoia was already an investor in ByteDance. ByteDance is preparing to possibly list some of its biggest assets including the popular Douyin and Toutiao apps as a separate unit in Hong Kong.  Before now, ByteDance is known to have raised over $7 billion in equity and debt funding. The company's backers include big names such as Sequoia, KKR, GGV Capital, Tiger Global, and SoftBank. ByteDance is currently the world's most valuable private technology company and  reportedly fetched a valuation as high as $140 billion when one

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Deal: Mindbody Buys Fitness Startup ClassPass

Mindbody , a leading maker of software for managing gyms and fitness studios, is buying one of the hot startups in its industry. It's buying ClassPass , a popular subscription platform for widespread gym access and online fitness classes. Mindbody will buy Classpass for an undisclosed amount . The company, owned by private equity firm Vista, also announced a strategic $500mn investment along with its ClassPass deal. The acquisition was all with privately held shares, Mindbody said. ClassPass is a celebrated startup in the fitness space. It began as a simple website to book fitness classes with registered studios but morphed into a subscription platform for access to such studios and their fitness classes, with many users paying recurring fees as a steady revenue source.  ClassPass was valued at $1bn from a funding round last year. Given the acquisition's pricing terms weren't disclosed, we can't say for sure if it was higher or lower than the $1bn mark, but for a hint,

Tether Fined $41M For Lying About Fiat Reserves

Tether Limited , the organization behind the eponymous Tether (USDT) stablecoin, has been fined a substantial sum for lying about the fiat reserves backing its stablecoin. It was fined $41mn by the US Commodity Futures Trading Commission (CFTC). According to the CFTC's press release , Tether lied to customers that it had sufficient dollar reserves to back every issued USDT token whereas it did not for a long period of time. Over a 26-month sample period from 2016 through 2018, the CFTC said Tether only had sufficient dollar reserves for all its tokens 28% of the time, whereas it lied that it was "fully-backed" all the time. Also, the CFTC said Tether failed to disclose to customers that it had unsecured receivables and non-fiat assets in its supposed cash reserves. The organization further lied to customers that it would undergo routine, professional audits of its reserves but has failed to do any, the CFTC said. For its violations, the CFTC fined ordered Tether to pay a

Deal: Scopely Buys Sony's GSN Games For $1B

Scopely , a top-ranking mobile gaming startup, is expanding its business with a new major acquisition. It's buying GSN Games , a mobile gaming division of entertainment giant Sony, for the sum of $1bn. GSN Games makes popular social casino games such as Bingo Bash and  Solitaire TriPeaks . Social casino games are a genre where gaming studios can extract much revenue if they do it right, and GSN is one of the top contenders in the genre. Scopely will pay $1bn for GSN Games, half of it with cash and the other half with its shares, making Sony a minority shareholder in the mobile gaming company. It's said that Scopely's valuation has climbed to $5.4bn taking into account the shares it'll hand over to Sony as payment. That compares to a $3.3bn valuation when the company raised funding last year.  With GSN, Scopely is stepping up its business substantially by the way of a strategic acquisition. It's a strategy the mobile gaming startup is used to, having made 5 acqui

Microsoft CEO, Other Execs Bag Annual Pay Raises

Microsoft (NASDAQ: MSFT) has raised the annual pay package of its Chief Executive Officer, Satya Nadella , the company's latest proxy statement reveals. Nadella enjoyed a substantial pay raise along with several other Microsoft executives. For the fiscal year ended June 30, 2021, Nadella's compensation was $50mn , up 13% compared to the previous year. The lucrative pay package was split into a $2.5mn base salary, $33mn of stock awards, a $14mn cash bonus, and $110k in "other" compensation. Nadella's pay raise was in line with other Microsoft executives, including President Brad Smith and CFO Amy Hood. They each got annual pay raises in the 20% ballpark compared to 2020. The reported pay packages of Microsoft's top executives for the fiscal year is as follows; Satya Nadella (CEO) - $50mn. Amy Hood (CFO) - $23.5mn Brad Smith (President and Chief Legal Officer) - $20.5mn Jean-Philippe Courtois (Executive Vice President) - $17mn Christopher Young (Executive Vice

Deal: Instacart Pays $350M For A Smart Grocery Cart Startup

In a bid to expand, grocery delivery giant Instacart is making its biggest acquisition yet. It'll buy   Caper AI , a New York-based startup that makes smart grocery carts and cashier-less payments tech that complement them. Instacart will pay $350mn for the startup in a combination of cash and shares. Caper AI is a startup working on exciting stuff; smart shopping carts to make the grocery buying process at brick-and-mortar stores easier and faster. Its smart carts can recognize items placed in them with the help of cameras and weight sensors, then calculate their total cost without the need for barcodes as used in most grocery stores. Payment at the counter is then made quickly with Caper's own payments platform. Caper's "AI Cart". credit: Caper Also, Caper sells what's called a "Caper Counter," a checkout system for convenience stores that uses cameras and weight-based sensors instead of barcodes to sum the total cost of items. Caper Counter. cre

Apple Unveils New MacBook Pros, AirPods

Tech giant Apple has added a new set of products to its roster, including new MacBook Pro laptops and AirPods unveiled at a Tuesday online event.  Apple also unveiled new chipsets for the new MacBook Pros, the M1 Pro and M1 Max . MacBook Pros Apple unveiled two MacBook Pros, a 14-inch and 16-inch model. Both will come with the first chipsets designed by Apple specifically for a MacBook Pro, delivering high performance, expectedly.  Apple has brought back the HDMI port and SD card reader to the new MacBook Pro, in addition to three Thunderbolt 4 ports to connect peripherals. Removing the HDMI port and SD card reader in MacBooks had generated significant complaints by some Apple users, but it appears they'll be pleased again if they get the new MacBook Pros. Other shared features of the new MacBook Pros include; A 1080p front camera. MagSafe magnetic chargers. Six-speaker sound system. Fast charging - 50% charge in 30 minutes, Apple claims. Touch bar replaced by function keys. One

Deal: Australia's Aristocrat To Buy Playtech For $3.7B

The online gambling industry is hot this year, with billion-dollar deals now a frequent occurrence. The latest billion-dollar deal is Playtech , a London-listed online gambling company, selling to Aristocrat Leisure , an Australian gambling machine manufacturer. Playtech was founded in 1999 by Israeli entrepreneur Teddy Sagi . However, he sold off all his shares  in the company in 2018 and won't profit from this deal. Don't cry for him though, he made other shrewd investments that bestowed him with a net worth nearing $6bn ( Forbes estimate ). Aristocrat (ASX: ALL) has agreed to buy Playtech (LON: PTEC) in a deal worth £2.7bn ($3.7bn). The Australian firm will pay $2.9bn to buy all outstanding Playtech shares and assume $800mn of the firm's debt. It's paying 680 pence in cash per Playtech share, a 58% premium to the company's share price before the announcement. Following the announcement, Playtech's share price jerked up, expectedly. It rose 57% on Monday to

Fast Fashion E-Tailer Lulu's Files For IPO

Lulu's , an online retailer of women's apparel, is headed towards the public markets. It's filed an S-1 document for an initial public offering (IPO), showing its intent to list on the Nasdaq exchange. As expected from S-1 filings, Lulu's has provided great insights into its business, with information not publicly disclosed before. Something very noteworthy is that the online shopping boom of this year emanating from the Covid pandemic has largely favored the company. By The Numbers For its most recent fiscal quarter, the three months ended October 3, 2021, Lulu's brought in between $105mn to $106mn in revenue. Its net income for the same period was at the $3mn-$4mn mark. The estimations are because the final, audited results haven't yet been posted. For the fiscal year ended January 3, 2021, Lulu's posted $249mn in revenue and a net loss of $19mn. It shows that the company has swung from losses to profitability this year, with the net profit of between $3m

Antitrust: Facebook Fined $70M Over Giphy Takeover Probe

The UK's antitrust agency has levied a substantial fine on social media giant Facebook related to its acquisition of Giphy , the popular GIF website. It fined the company  £50.5mn ($69mn) for flouting an order requiring it to supply information related to the agency's investigation of the $400mn acquisition. The UK's  Competition and Markets Authority (CMA)  launched a  formal probe  of the Giphy deal last June. The antitrust agency challenged the deal  after probing it,  arguing that it gave Facebook an unfair advantage over rivals that also used Giphy's GIF database. It appears that Facebook failed to comply with demands from the agency's investigation and has been penalized for it. Apparently, the UK's antitrust agency required Facebook to suspend integrating its operations with Giphy's as the agency was investigating the acquisition, but Facebook had failed to indicate it did so despite multiple warnings. "This should serve as a warning to any com

Alert: US FDA Permits First E-Cigarettes, Citing Smoker Benefits

The American Food and Drug Administration (FDA) has authorized its first set of electronic cigarette products, citing some benefits to their use for adult smokers trying to quit tobacco. The authorization is noteworthy for general e-cigarette products that have been tainted with scandals and controversy for their high use rate among teens.  The FDA permitted three e-cigarette products from Vuse Solo , a brand distributed by British American Tobacco (LON: BATS). Vuse is the No. 2 vaping brand in the US behind Juul, a rival currently in the FDA's crosshairs . Vuse sought permissions for 13 vape products, but 10 were denied, and only 3 were accepted. It shows the FDA's strictness in regulating vape products after locking its eyes on the sector. As it permitted its first vape products, the FDA issued strict guidelines concerning their marketing, including restricting internet, radio, and TV ads to "greatly reduce the potential for youth exposure." For a long time, vape pr